S&P rates Seagate notes BB+

S&P said it assigned its BB+ issue-level and 3 recovery ratings to Seagate Technology plc’s new nine-year unsecured notes, the same as what the agency had rated its outstanding unsecured debt.

Seagate’s subsidiary Seagate HDD Cayman, the borrower of the existing debt, will exchange portions of the notes due 2025 and 2027 into nine-year notes.

“Yesterday, we rated the group’s new 11-year notes, the proceeds of which it will use to redeem portions of the notes due 2022 and 2023,” S&P said in a press release.

Seagate’s BB+ rating is unchanged, the agency said.

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